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TOKYO (AP) - The dollar slipped against the yen and euro Thursday in Asian morning trading as confidence in the yen got a big boost from a rally on the Tokyo stock market, where stocks rose to four-year highs.
The dollar was trading at 110.34 yen in Tokyo late morning, down 0.76 yen from late Wednesday, and below the 110.67 yen it bought in New York later that day. The euro rose to $1.2406 from $1.2381 late Wednesday.
The rally in the benchmark Nikkei, which started Monday, has erased any initial worries that political turmoil will undermine the nation's economy. Japanese Prime Minister Junichiro Koizumi on Monday called elections on Sept. 11 after parliament defeated a bill to privatize the nation's sprawling postal system and its savings deposit, calling on the people to decide whether his proposed reforms should pass.
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